The Croatian Financial Services Supervisory Agency (Hanfa) published a public warning on media reporting and issuer statements relating to bonds marketed under the names Qelo and Koykan by enasolAuto d.o.o. and PlanetsGroup d.o.o., cautioning that some coverage could mislead investors about the safety, regulation and expected returns of these investments. Hanfa also indicated it will take supervisory action after finding that the issuers did not notify it of their use of a prospectus exemption. Hanfa noted that some media content uses overly affirmative language that may create an impression of guaranteed profitability and safety, and in places presents the bonds alongside government bonds and other publicly offered and regulated-market listed instruments, potentially implying an equivalent level of regulatory oversight. Based on publicly available information, the Qelo and Koykan bonds are offered with a total value of up to EUR 3,000,000, which under Article 409 of the Capital Market Act can qualify for an exemption from drawing up and publishing a prospectus or information document, but Hanfa stated the issuers were still obliged to notify it of relying on that exemption and did not do so.
Croatian Financial Services Supervisory Agency 2025-05-08
Croatian Financial Services Supervisory Agency warns on Qelo and Koykan bond promotion and plans supervisory action for missing prospectus-exemption notice
The Croatian Financial Services Supervisory Agency (Hanfa) warned about media reports and issuer statements on bonds marketed as Qelo and Koykan by enasolAuto d.o.o. and PlanetsGroup d.o.o., cautioning they may mislead investors about safety and returns. Hanfa plans supervisory action after discovering issuers failed to notify it of using a prospectus exemption for bonds valued up to EUR 3,000,000. The agency highlighted concerns over media content suggesting guaranteed profitability and equating these bonds with government bonds, potentially misleading investors about regulatory oversight.